US: Target axes 150 jobs in restructure
General merchandise retailer Target Corporation has laid off around 150 employees as part of a restructuring of roles and responsibilities at the business.
"As an organisation, we continually assess our operating model, including roles and processes, to ensure we are well-positioned for how our business needs to evolve," Target said in a statement sent to just-style.
"On Wednesday (9 October) we announced changes in a few areas in support of our objective to continue to grow our business profitably while we meet the needs of today's consumers."
These changes, the company said, resulted in shifts in roles and responsibilities in some areas, and the elimination of 150 team member positions.
The retailer declined to say which departments or business functions were impacted.
"While making these kinds of changes is never easy, we are committed to advancing our multichannel capabilities and transforming Target to be competitive well into the future," the statement added.
In August, Target reported a double-digit second-quarter profit dip to US$611m, due to softer than expected sales in the US and start-up costs in Canada.
The company now expects its full-year adjusted earnings per share to be at the lower end of its previous forecast of $4.70-4.90.
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